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Inflation reached a four-decade high in 2022, so it seems like pretty much everything costs more now. But you may be surprised to know that not everything got more expensive this year. In fact, some things actually got cheaper.
These are six things that prices went down on in 2022.
- Toys - Last year there was a lot of concern over a shortage of toys, but that’s not an issue this year, according to consumer analyst Julie Ramhold. But toy retailers most likely stocked up before Black Friday and Cyber Monday, just in case, and while sales on those days probably get rid of some of that extra inventory, she says overall many stores have lowered prices to sell the excess.
- Window treatments - After the housing boom last year, fewer people are buying homes this year and because of that, Ramhold says prices on window treatments are much cheaper while retailers adjust to less demand.
- Fertilizer - Fixed income analyst Jacob Asbjornson says prices on fertilizer are down over 12% since late August, and he adds that this decrease will lead to lower food prices over time. “Given the lag between fertilizer purchases and consumer food expenditures, there is reason to believe that food prices will continue to decelerate over the coming months and into 2023,” he explains.
- Solar panels - Solar technology has become much more affordable in recent years and thanks to government subsidies and credits, Matt Teifke, founder and CEO of Teifke Real Estate, says installing solar has become even more effective. In fact, he says the price of a typical installed solar panel system has dropped to an all-time low in 2022.
- Washers and dryers - While these major appliances may still be slightly more expensive than they were a year ago, Ramhold says their price has decreased overall this year. The cooling housing market gets credit for that.
- Furniture - This drop is also related to the shift in housing demand. With fewer people buying houses, fewer people are buying large pieces of furniture, so retailers may be discounting sofas, dining room sets and bed frames to make up for lower demand.
Source: GoBankingRates